He went on to write that home prices can only go up from here
(emphasis ours):

"Sales activity is just a hair away from being back in the
all-is-well zone of 5.0-5.5 million. What about
prices? Home prices are an important determinant of
consumer confidence and their spending helps makes the economy
go. Things looking good here. Single-family home
prices shot up 6.2% to $213.6 thousand in May and are up 4.9%
from May a year-ago, 2013. Our advice to you is to
buy a house if you can find one at 213 thousand dollars.
The economy is better than you think, and home prices have
nowhere to go but up. Bet on it."

Other economists were positive but more cautious in interpreting
the latest data.

Paul Diggle at Capital Economics wrote that this was the largest
monthly gain in 21 months, but they were still 9% lower than
levels seen last July when higher mortgage rates started weighing
on housing.

"We are inclined to see this jump largely as a reversal of the
winter hit," wrote Jana McTigue at Pantheon Macroeconomics
following the data release. "The very low and flat trend in
mortgage applications does not support the idea that demand is
recovering."

Rupkey has of course demonstrated just how buoyant he is on the
U.S. economy in the past. Earlier this month, he dismissed talk
of slack in the economy and wrote that we're seeing a
"full-on economic expansion" in the U.S.